Open Banking - Identity Verification
Open Banking was established by the UK Government’s Competition & Markets Authority (CMA) in September 2016 with the remit of making it easier to manage bank accounts, to increase competition in the space, and to fundamentally put power back into the hands of personal and business customers.
NorthRow are exclusively handling Open Banking’s identity proofing and verification processes, to ensure security and customer needs sit at its very core. Any FCA-regulated third party will be able to apply to access customer data, therefore thorough and comprehensive verification checks are paramount.
Richard Ingles, Head of Client Development
About Open Banking
Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cashflow and receiving payments cheaper and easier. Open Banking will make things simpler, faster and more convenient.
It is the retail banking industry’s response to the UK Government’s request for fairer, more transparent banking and financial services, and follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking will bring substantial benefits to individuals and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment.
What We Offer?
NorthRow’s platform provides a flexible, customised solution, with fully automated identity verification delivered in real-time, via a single API - essential for high-speed onboarding.
Working with the CMA and Open Banking is the latest confirmation of NorthRow’s leadership in providing the highest levels of identity verification. The streamlined process, in-line with government standards, includes:
- Online application
- ID verification in real-time
- Mobile ID document capture
"NorthRow has been very easy to work with; they have listened and their approach is professional, transparent and consultative. Their ability to deliver a bespoke solution that combines automated identity checks with the added security of face-to-face verification made it the obvious choice. NorthRow's technology innovations made them a clear front-runner when it came to deciding what firm to team up with to securely deliver Open Banking.”
Nigel Spencer, Head of Support Services at Open Banking